Settlement and Deliveries

Final Settlement and Delivery
At expiration, holders of short positions of OneChicago single stock futures and futures on ETFs are required to deliver physical shares of the underlying securities, and holders of long positions take delivery of the underlying securities. This process is facilitated by the OCC and DTCC on behalf of your brokerage firm.

Please consult your brokerage firm regarding its procedures and fees associated with delivery if you are considering holding a security futures contract until expiration.

OneChicago futures on Select Indexes are cash settled and have special final settlement procedures that differ from those of single stock futures and ETF futures.

For physically settled security futures, the actual delivery date of the underlying security is three business days after the expiration date of the contract, reflecting the standard “T+3″ settlement process in the U.S. securities industry. Because OneChicago’s physcially settled contracts typically have Friday expiration dates, delivery will normally occur on the Wednesday following expiration.1 Assuming a standard, non-holiday schedule, the expiration and delivery timeline for OneChicago contracts is as follows:2

Thursday

Friday

Saturday

Sunday

Monday

Tuesday

Wednesday

Last day of trading for futures on OneChicago Select Indexes

Last day of trading for SSFs and ETF futures, expiration for all products

Shares of underlying securities delivered (SSFs and ETF futures)

Notes:

Except as noted below regarding exceptions for trading holidays, the last day of trading and expiration date for OneChicago single stock futures and ETF futures will normally be the third Friday of the contract month.

Holidays affect the standard schedule as follows:

If the scheduled last trading day / expiration date is a holiday, the last day of trading will be the prior business day (normally a Thursday for single stock futures and ETFs).

Delivery of the underlying securities for single stock futures and ETF futures is postponed by one calendar day for each holiday that occurs after the expiration date prior to delivery. Delivery therefore always takes place on the third business day after expiration. For example, if the Monday following a Friday expiration date is a holiday, delivery would occur on Thursday.